Good-bye spreadsheets, hello accounting software

first_imgShare Facebook Twitter Google + LinkedIn Pinterest Brian E. RavencraftThe team at our firm sees it often — farmers and business owners using Excel to track the finances related to their operation. While it’s true that Excel is very sophisticated and most users know enough to be dangerous while maneuvering through the software, you simply can’t erase the chance for human error. Spreadsheets are just prone to errors taking place due to the amount of manual data entry that is required. For example, a formula can be set up correctly, but the copy and paste feature may not pull through the correct cells and if one cell is modified, it can throw off the entire spreadsheet. When these things happen, it causes unnecessary headaches for the business owner, which we hate to see happen.To avoid these types of headaches all together, we encourage those we work with to make the switch to accounting software such as QuickBooks (but there are many options out there). The level of information available at their fingertips from making this simple switch is always a pleasant surprise for them and makes day-to-day tasks less cumbersome. Tracking profit by farm or by crop can be done easily by setting up classifications within the software. In addition, the software has a fixed asset tracker function to help determine depreciation for equipment. Having a good set of financial statements is imperative for farmers. Utilization of accounting software to generate financial statements saves time at year-end for the tax preparer and can assist financial institutions in expediting loan request.A major pro to consider when deciding when to make the leap into accounting software is the fact that software allows for real time financial information to be obtained at any time, from anywhere. Unlike Excel, accounting software can pull through an automatic bank feed with the previous day’s transactions to reconcile against. Accounting software literally works hand-in-hand with your bank. Real time information is a powerful thing and that is what is fundamentally missing when not using accounting software.It’s not uncommon for Excel users continually face frustrations. A typical scenario involves business owners finding that financial statements are not readily available which can cause issues and hold ups in regard to management or for outside users such as a bank or an accountant. If your accountant must comb through spreadsheets to prepare a financial statement for a tax return or an outside party, you will likely incur additional charges for their time.Using accounting software allows you to record necessary details that should be monitored at all times. For example, you can record who each and every check was written to, the memo or the invoice number and more. For internal control and oversight purposes, software will also record who modified a transaction and when. This is invaluable.Don’t let accounting software scare you. Accounting software is easy to use, is accurate, cost-effective and scalable to fit your business needs. If you take care of all financial management tasks for your farm or business, you can learn how to use the software yourself. Many places, including our firm, offer training. Transitioning from spreadsheets to using software isn’t as daunting as it sounds. We can help with that as well. Switching to accounting software can truly lighten your load, make you more aware of where your business stands financially and eliminate the risk of making an error that could throw off all of your numbers. Brian E. Ravencraft, CPA, CGMA is a Principal with Holbrook & Manter, CPAs. Brian has been with Holbrook & Manter since 1995, primarily focusing on the areas of Tax Consulting and Management Advisory Services within several firm service areas, focusing on agri-business and closely held businesses and their owners. Holbrook & Manter is a professional services firm founded in 1919 and we are unique in that we offer the resources of a large firm without compromising the focused and responsive personal attention that each client deserves. You can reach Brian through www.HolbrookManter.comlast_img read more

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Medical suppliers demand dues from State

first_imgNearly 150 drugs and surgical device suppliers are planning to stop supply to government-run hospitals if their pending dues worth over ₹23 crore are not paid immediately. The All Food and Drug Licence Holders Foundation (AFDLHF), an association of suppliers, in a letter to the State government on Wednesday, stated that their dues have mounted for the last three years.“The overall dues had mounted to nearly ₹95 crore, some of which were cleared over the last few months. But we still have pending bills worth over ₹23 crore,” said Abhay Pandey, president of AFDLHF. The 150-odd companies under the association supply essential drugs, implants, surgical devices and other hospital requirements like masks, gloves and gauzes to 17 State-run hospitals attached to medical colleges. These suppliers are selected through the tendering process of the lowest price offers. For example, a pair of gloves that costs ₹45 in retail is sold at about ₹9 to the government, a face mask costing ₹10 in retail is sold at ₹0.70 to the government.“The Chief Minister had sanctioned ₹120 crore to clear the pending bills at State hospitals. But instead of clearing our dues, the hospitals began clearing their local purchase dues with that money,” Mr. Pandey said. In his letter, he mentions bills worth over ₹28 lakh from GT Hospital, ₹2.73 crore from St. George Hospital, ₹40 lakh from Akola Medical College and ₹31 lakh from Nanded Medical College, pending for approval at the Mantralaya. Additionally, bills of over ₹6 crore from Cama Hospital are yet to be sent for approval either to Directorate of Medical Education and Research (DMER) or Mantralaya. “The bills at Cama are pending only because the Administration Officer has not found the time to sign them,” he said. Till six months ago, the drugs and devices would be supplied to DMER, Directorate of Health Services (DHS) and the Haffkine Institute and further be distributed to the State hospitals. Now, Haffkine has been appointed as the only purchase point by the government. “We hope this changes the scenario on the ground level for us as well,” Mr. Pandey said.Dr. Prakash Wakode, joint director of DMER said that the State is looking at clearing the dues as soon as possible. “Once the bills extend to a certain amount a clearance process has to be followed. For example, the dean of the hospital can sanction only a certain amount. If the amount is beyond what the dean can approve, it is further sent to the director and then to the Mantralaya. This process takes time,” he said. He is yet to see the letter sent by the AFDLHF.last_img read more

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Madhya Pradesh tehsildars go on three-day mass leave

first_imgDays after patwaris struck work for three days in Madhya Pradesh, tehsildars across the State have gone on mass leave for the same duration starting Thursday demanding pending promotions, better wages and sufficient computers in offices. Tehsildars, under the banner of the Madhya Pradesh Revenue Officers Union, sat on dharnas in 52 districts of the State on Wednesday and Thursday. “To call it a strike won’t be appropriate. We have gone on mass leave for three days. We’ll meet the Chief Minister, and if he doesn’t accept our demands, will go on strike,” said Jitendra Tiwari, executive president of the union. The government must clear pending promotions it had withheld for a while now, he said. “Moreover, salaries of tehsildars and naib tehsildars are too less and need to be increased according to Grade A norms,” he added. Both patwaris and tehsildars had a major role to play in flood estimation, extending relief to farmers and distributing aid. Preliminary estimates pegged damage at more than ₹16,000 crore. And recently, Chief Minister Kamal Nath called on Prime Minister Narendra Modi requesting an immediate aid of ₹9,000 crore and a resurvey by a Central team. ‘Major role’“We have a major role in flood damage estimation and that’s why we pushed this agitation back. The estimation process is almost complete,” clarified Mr. Tiwari. The government was ensuring no work was affected due to the mass leave, Manish Rastogi, Principal Secretary, Revenue Department, told The Hindu.“Even when the patwaris went on strike, the relief work wasn’t affected as most of it had been completed before it,” he said. “Obviously, the overall progress was affected, but relief was still given to farmers.” Patwari thawPatwaris called off their strike last Sunday after meeting Revenue Minister Govind Singh Rajput. Earlier, Higher Education Minister Jitu Patwari had called patwaris corrupt, which had led to the agitation demanding a public apology from him. This had spooked both farmers and the government alike, triggering fears that the strike may hobble the relief process.last_img read more

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Dicks Sporting Goods Offering Wilmington Little League Families A 20 Discount On

first_imgWILMINGTON, MA — Dick’s Sporting Goods is offering Wilmington Little League families 20% off throughout the store on Saturday, March 23, 2019 and Sunday, March 24, 2019.  This coupon is valid at the store’s Davners, Saugus, and Salem, NH locations.Like Wilmington Apple on Facebook. Follow Wilmington Apple on Twitter. Follow Wilmington Apple on Instagram. Subscribe to Wilmington Apple’s daily email newsletter HERE. Got a comment, question, photo, press release, or news tip?Share this:TwitterFacebookLike this:Like Loading… RelatedDick’s Sporting Goods Offering Wilmington Little League Families A 20% Off Coupon For March 24 & 25In “Sports”5 Things To Do In Wilmington On Saturday, March 23, 2019In “5 Things To Do Today”5 Things To Do In Wilmington On Sunday, March 24, 2019In “5 Things To Do Today”last_img read more

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Airtel Payments Bank offers hefty interest rate on savings bank deposits

first_imgAirtel Payments Bank Ltd, a subsidiary of telecom major Airtel, Wednesday launched its commercial operations with an offer to give a hefty 7.25 percent interest rate on savings account deposits.With rolling out a pilot of its banking services in Rajasthan, it became the first payments bank to go live. In a regulatory filing to Bombay Stock Exchange, the bank said over 10,000 retail outlets across the state would function as banking points for the new payment bank.To attract cheap deposits, the bank will give a hefty 7.25 percent to customers, making it one of the highest savings bank rate in the Indian banking system.Most public and private sector banks are offering 4 percent interest rate on deposits with a few private sector banks providing 6 percent on the same. Interestingly, interest rates on fixed deposits have also fallen near the range of 7 percent in recent months.The new payment bank plans to expand its merchant network in Rajasthan to 1,00,000 by December this year, it said.Commenting on the launch, Managing Director and Chief Executive Officer of Airtel Payments Bank, Shashi Arora said, “With this pilot, we have taken a big step towards the launch of our banking services and will be testing our operational readiness for full-scale launch across India.”In a bid to improve banking penetration in the country, Reserve Bank of India has issued licences to private firms for setting up payment banks. On August last year, the central bank issued licences to 11 entities including Airtel, FINO, Department of Post, Reliance Industries to set up payment banks.Payment banks will only accept deposits with no provision of giving out loans to clients. While it can open both savings and current accounts, credit card issuances are not allowed.last_img read more

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Judge Sides with DC in Ongoing Lawsuit over Strict Gun Law

first_imgWASHINGTON (AP) — A federal judge sided Monday with the District of Columbia in an ongoing dispute over the city’s strict gun law, agreeing that the city can continue to enforce it while a lawsuit proceeds.Judge Colleen Kollar-Kotelly denied a motion by opponents for a preliminary injunction halting enforcement of portions of the law. Opponents immediately said in a court filing that they are appealing the ruling to the U.S. Court of Appeals for the District of Columbia Circuit.Opponents of the law include city residents and the Bellevue, Washington-based Second Amendment Foundation. They object to portions of the law that require a person who wants to carry a concealed handgun outside their home to show he or she has a “good reason to fear injury to his or her person or property” or another “proper reason” for carrying the weapon. Reasons might include a personal threat, or a job that requires a person to carry or protect cash or valuables.Kollar-Kotelly said in her 31-page ruling that opponents had not shown that their lawsuit was likely to be successful, leading her to deny the request for a preliminary injunction. She also noted that appeals courts in other parts of the country had approved of laws in New York, New Jersey and Maryland that are similar to the District of Columbia’s.Kollar-Kotelly’s ruling follows a lengthy legal back-and-forth in the case already. Opponents were initially granted a preliminary injunction by another judge in May 2015. That ruling was appealed, and the appeals court ruled late last year that the judge didn’t have the authority to decide the case. Kollar-Kotelly was then assigned to the case.Alan Gottlieb, the founder of the Second Amendment Foundation, said in a telephone interview that the ruling was what they had expected from Kollar-Kotelly but that he appreciated that she made a quick ruling so that it could be appealed. Gottlieb said opponents look forward to ultimately winning their case.District of Columbia Attorney General Karl A. Racine, whose office has been defending the city’s gun law, said in a statement that his office was pleased with the ruling “because it means the District will be able to continue enforcing its law requiring applicants for permits to carry concealed guns in public to state a ‘good reason’ for doing so.”___Follow Jessica Gresko on Twitter at twitter.com/jessicagresko. Her work can be found at http://bigstory.ap.org/content/jessica-greskolast_img read more

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Twitter Reveals Password Bug Recommends Users Change Passwords

first_img Popular on Variety Twitter disclosed that it discovered a bug in its system for storing passwords — which left them exposed in an internal log — and its top technology exec said that “out of an abundance of caution” users should consider changing their passwords.Twitter shares dropped as much as 2.7% in after-hours trading Thursday after the social-media company disclosed the bug.In a blog post, Twitter CTO Parag Agrawal said the company had fixed the glitch and that its internal investigation “shows no indication of breach or misuse by anyone.”“We are very sorry this happened,” Agrawal wrote. “We recognize and appreciate the trust you place in us, and are committed to earning that trust every day.”Twitter didn’t say how many users’ passwords were being stored in clear text. For the first quarter of 2018, it reported an average monthly active user base of 336 million accounts worldwide. Twitter users are able to change their password on the password settings page, available at this link. Agrawal also pointed users to Twitter’s two-factor authentication login settings, which sends a six-digit code to a user’s phone number that is required to log in to the service in addition to username and password.Twitter uses an industry-standard “hashing” mechanism to mask passwords; that replaces the actual password with a “random set of numbers and letters that are stored in Twitter’s system,” Agrawal explained.However, the bug in Twitter’s password-storage system caused user passwords to be stored before completing the hashing process. “We found this error ourselves, removed the passwords, and are implementing plans to prevent this bug from happening again,” Agrawal wrote.In February 2016, Twitter disclosed that it had discovered and fixed a bug in its password-recovery systems within 24 hours after identifying it. That bug, which affected almost 10,000 accounts, didn’t expose passwords but “had the potential to expose the email address and phone number associated with a small number of accounts,” according to the company. In the past, several high-profile Twitter accounts have been hijacked by hackers — including those of Netflix, HBO, Marvel, and even Twitter CEO Jack Dorsey himself. Those incidents don’t appear to be related the bug Twitter just disclosed. It’s also worth noting that Twitter isn’t alone in being susceptible to account hacks: For example, last summer someone broke into the Instagram account of Selena Gomez and posted a nude pic of ex-boyfriend Justin Bieber.center_img ×Actors Reveal Their Favorite Disney PrincessesSeveral actors, like Daisy Ridley, Awkwafina, Jeff Goldblum and Gina Rodriguez, reveal their favorite Disney princesses. Rapunzel, Mulan, Ariel,Tiana, Sleeping Beauty and Jasmine all got some love from the Disney stars.More VideosVolume 0%Press shift question mark to access a list of keyboard shortcutsKeyboard Shortcutsplay/pauseincrease volumedecrease volumeseek forwardsseek backwardstoggle captionstoggle fullscreenmute/unmuteseek to %SPACE↑↓→←cfm0-9Next UpJennifer Lopez Shares How She Became a Mogul04:350.5x1x1.25×1.5x2xLive00:0002:1502:15last_img read more

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